Several major banks—and at least one major hedge fund—are licking their wounds after the collapse of Portugal’s Banco Espírito Santo. Other hedge funds are counting their winnings.

The happiest to see the bank go under may be Marshall Wace Asset Management, which is poised to turn a roughly €27 million profit. The hedge fund had opened a short bet against BES on May 15, when shares were fetching €0.99. When they were suspended last Friday, shares were trading at €0.12.

Other hedge funds shorting BES include TT International, which may have made almost €15 million.

Baupost Group was not as lucky: It owned a 2.3% long stake in BES at the time of its collapse, joining the likes of Crédit Agricole, BlackRock and Capital Research and Management among the losers.

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